The Egyptian Pound depreciated by almost 10.67% to 17.42-17.52 against the U.S. dollar earlier today. The EGP has been trading at around 15.7 pounds to the dollar since November 2020.
The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) raised interest rates by 1% (which accounts to almost 100 basis points) for the first time since 2017 in an unscheduled meeting.
According to a statement by CBE, this raise is attributed to the global inflationary pressures caused by the COVID-19 crisis and recent Russia-Ukraine conflict.
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